{"id":203908,"date":"2022-09-07T18:52:55","date_gmt":"2022-09-07T13:22:55","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=203908"},"modified":"2022-09-07T18:52:55","modified_gmt":"2022-09-07T13:22:55","slug":"creative-economy-accounted-for-121-billion-of-exports-in-2019","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/creative-economy-accounted-for-121-billion-of-exports-in-2019\/","title":{"rendered":"\u2018Creative economy accounted for $121 billion of exports in 2019\u2019"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article<\/span> \u201c<\/b>Creative economy accounted for $121 billion of exports in 2019<\/b>\u201d<\/b> published in<\/span> PIB <\/b>on 3rd September 2022<\/b><\/p>\n

What is the News?<\/b><\/h5>\n

Exim Bank has released its first of its kind study titled ‘Reflection & Development of India’s Creative Economy’.<\/span><\/p>\n

The study <\/span>analyzed seven different creative segments such as art & crafts, audio visuals, design and visual arts to map their export potential.<\/span><\/p>\n

What is the Creative Economy?<\/b><\/h5>\n

The creative economy has no single definition. It is an evolving concept which builds on the interplay between human creativity and ideas and intellectual property, knowledge and technology.\u00a0<\/span><\/p>\n

Essentially it is the knowledge-based economic activities upon which the \u2018creative industries\u2019 are based.<\/span><\/p>\n

The creative industries \u2013 which include advertising, architecture, arts and crafts, design, fashion, film, video, photography, music among others are the lifeblood of the creative economy.<\/span><\/p>\n

What does the Exim Bank study say about the Creative Economy in India?<\/b><\/h5>\n

India’s total exports of creative goods and services stood close to $121 billion in 2019, of which exports of creative services accounted for almost $100 billion.<\/span><\/p>\n

In India, the contribution of the design segment was 87.5% of the total creative goods exports in 2019, and another 9% was contributed by the art and crafts segment.<\/span><\/p>\n

Creative economy was significantly diversified in the country and industries such as the entertainment sector give an important push to the creative economy.<\/span><\/p>\n

For instance, India ranks 6th globally outside the U.S., with respect to the top international box office markets by revenue.<\/span><\/p>\n

What are the recommendations given by the study to promote a creative economy in India?<\/b><\/h5>\n

Creative economy in India must be promoted by: 1)<\/strong> Defining and mapping the creative industries in India, 2)<\/strong> Funding to finance creative industries, 3)<\/strong> Focusing on joint programmes, 4)<\/strong> Addressing the issue of copyrights, 5)<\/strong> Promoting Micro, Small and Medium Enterprises (MSMEs) and local artisans, 6)<\/strong> Establishing creative districts and hubs and 7)<\/strong> Forming a specialized institution for creative industries.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cCreative economy accounted for $121 billion of exports in 2019\u201d published in PIB on 3rd September 2022 What is the News? Exim Bank has released its first of its kind study titled ‘Reflection & Development of India’s Creative Economy’. The study analyzed seven different creative segments such… Continue reading \u2018Creative economy accounted for $121 billion of exports in 2019\u2019<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[3590],"class_list":["post-203908","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-pib","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/203908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=203908"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/203908\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=203908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=203908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=203908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}